20. Subsequent Events

12 Months Ended

Mar. 31, 2013

Subsequent Events [Text Block]

Subsequent Events [Text Block]

20.                     Subsequent Events

 Effective May 31, 2013, the Private Investor converted the outstanding principal of $600,000, penalty of $25,000 and accrued interest for the month of May in the amount of $12,400 for a total of $637,400 in to 200,000 shares of common stock at a price of $3.19 per share.

The Company executed Waiver and Amendment No. 8, dated July 12, 2013, which stated that in consideration for the waiver for non-compliance of the financial covenants as of March 31, 2013 and for the deferral of principal payments, BCA will receive warrants to purchase 20,000 shares of the Company’s common stock. The common stock underlying the warrant is exercisable at a price of $3.33 per share and the warrants expire on September 10, 2019.